C.R. Properties Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03955659 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

for

C.R. Properties Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr M V Field

Mr S D Wilch

Mr J A Payne

SECRETARY:

Mr S D Wilch

REGISTERED OFFICE:

Pacioli House, 9 Brookfield

Duncan Close

Moulton Park

Northampton

Northamptonshire

NN3 6WL

REGISTERED NUMBER:

03955659 (England and Wales)

ACCOUNTANTS:

Clifford Roberts

Chartered Accountants

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

FIXED ASSETS

Investment property

4

671,500

CURRENT ASSETS

Cash at bank

25,993

17,819

CREDITORS

Amounts falling due within one year

5

13,263

12,933

NET CURRENT ASSETS

12,730

4,886

TOTAL ASSETS LESS CURRENT
LIABILITIES

684,230

676,386

PROVISIONS FOR LIABILITIES

40,851

NET ASSETS

643,379

635,535

CAPITAL AND RESERVES

Called up share capital

8

6,000

Share premium

39,000

Capital redemption reserve

2,000

Fair value reserve

9

174,154

Retained earnings

422,225

414,381

SHAREHOLDERS' FUNDS

643,379

635,535

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2022 and were signed on its behalf by:

Mr M V Field - Director

Mr S D Wilch - Director

1.	STATUTORY INFORMATION

C.R. Properties Limited is a private company, limited by shares, incorporated and domiciled in England. The company's registered number and registered office address, which is the same as the business address, can be found on the Company Information Page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102 section 1A') and with the Companies Act 2006. These financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for investment property.

The financial statements are presented in Sterling (£) and cover the period to 31st March each year.

Going Concern

The financial statements have been prepared on the going concern basis on the grounds that there is no significant threat to that assumption, given that there are net current assets, large, unencumbered equity in the property, and the directors' and shareholders' continued support.

Creditors consist primarily of the corporation tax liability for the year, due by 1st January, 2023, which will be financed from existing bank balance. In addition, two further quarters' rental receipts will be collected before then.

Turnover

Turnover represents the total invoiced value, excluding Value Added Tax, VAT, of rental income arising during the year.

On the 1st July, 2004 the company joined the VAT flat rate scheme for smaller businesses and, from then on, turnover has been calculated by taking the rental income gross of standard-rate VAT and deducting therefrom the amounts due to H. M. Customs & Excise, at the appropriate rate by trade sector, to arrive at the net amount recorded in the profit and loss account. The rate of VAT for the sector is amended as announced by H.M. Revenue & Customs.

Investment property

The investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

The investment property is carried at fair value, determined annually, and derived from the current market rents and investment property yields for comparable real estate, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. No depreciation is provided and changes in the fair value are recognised in the income statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses, if any, and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Amounts recorded for expenditure

Under the VAT flat rate scheme expenses are recorded gross and, therefore, from 1st July, 2004, all expenditure included in the financial statements includes input VAT, if applicable. This treatment is consistent with UK GAAP, which requires that recoverable input tax be accounted for as part of the cost of the item to which the irrecoverable amount relates.

Trade and Other Debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad or doubtful debts except where the effect of discounting would be immaterial, in which case they are stated at cost less impairment losses for doubtful debts.

Trade and Other Creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, except where the effect of discounting would be immaterial, in which case they are stated at cost.

Operating lease income

Rental income from operating leases is recognised on a straight line basis over the terms of the relevant lease. Initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying value of the leased asset and recognised on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

and 31 March 2022

671,500

NET BOOK VALUE

At 31 March 2022

671,500

At 31 March 2021

671,500

Fair value at 31 March 2022 is represented by:

£

Valuation in 2006

215,005

Cost

456,495

671,500

If the investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

Cost

456,495

The investment property was valued on an open market basis on 25 October 2006 by Abbey Ross Property Consultants .

The directors have agreed that the valuation at this date remains an appropriate value for the property at both year end dates and there has been no material movement in the market value of the property since its last valuation.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Taxation and social security

13,263

12,933

6.	SECURED DEBTS

The company has also given a guarantee, limited to £200,000, to secure the loan advanced to the partnership, in which the three directors are partners, by the partnership's previous bankers. The partnership's loan amount was approximately £50,600 at 31st March, 2022 (£71,980 at 31st March, 2021). The guarantee is not secured.

7.	FINANCIAL RISK MANAGEMENT

The company has some exposure to credit, liquidity and cash flow interest rate risks, These small risks are limited by the company's financial management policies and practices described below.

Foreign currency risk

The company has no exposure to foreign currency risks as all of the company's income and expenses are denominated in sterling.

Credit risk

The company has exposure to credit risks that exists in relation to its main customer. The company's exposure and its customer's credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. The only significant non-derivative financial liability remaining at the reporting date is the corporation tax and VAT liability.

Market risk

There is very little market risk as there is a long term lease of the property and the tenants are an associated firm of Chartered Accountants. This risk is mitigated by monitoring the financial position of the tenants.

The company holds no derivative financial instruments at the year end.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

6,000

Ordinary shares

£1

6,000

9.

RESERVES

Fair

value

reserve

£

At 1 April 2021

and 31 March 2022

174,154

10.	RELATED PARTY DISCLOSURES

During the year the company received rental income totalling £54,000 (2021 - £54,000) from a partnership in which the three directors are partners. There was no balance outstanding in respect of this income at the balance sheet date.

C.R. Properties Limited - Accounts to registrar (filleted) - small 18.2

C.R. Properties Limited - Accounts to registrar (filleted) - small 18.2